Himalayan News Service

Kathmandu, May 31:

Laxmi Bank Ltd (LBL), country’s youngest commercial bank, commenced its full-fledged operation in Pokhara from yesterday. The branch seeks to cater to the local business community as well as Gurkha ex-servicemen and students in the western tourism hub, says a press release issued here today. The Laxmi Bank Ltd branch offers products and services like Internet banking, ATMs and debit cards, a full range of consumer loans, business and trade finance, fund transfers and remittances from abroad. 

Special schemes have been rolled out whereby Gurkha servicemen can enjoy a host of benefits. Local businessmen will also benefit from relatively cheap and real time transfer of funds between branches, states the bank. Laxmi Bank Ltd, headquartered in Birgunj, commenced operations two years ago. It achieved an operating break-even within the first six-months of operation. Currently, the bank’s deposits and loans aggregate to Rs 1,740 million and Rs 1,600 million respectively. Current year’s operating profit has reached Rs 23 million. 

This IT progressive bank recently merged with HISEF Finance following which the latter’s office in Hattisaar, Kathmandu was converted into a Laxmi Bank branch. The bank has a technical collaboration with Hatton National Bank — the largest private sector bank in Sri Lanka.